CNBC Business News Update - Market Close: S&P 500 Index Posts 4th Straight Record Close, Nasdaq Also at All-Time High, Mortgage Rates Tick Lower 6/13/24

Episode Date: June 13, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Friday morning after a mixed day for stocks, but record high closes for the S&P 500 index. It's fourth in a row and for the NASDAQ. Inflation at the wholesale level came in much cooler than expected. That helped. The Dow was in the red, down 65 points, led lower by Salesforce shares, which were down almost 3%.

The S&P 500 index, though, was up 12 points. The NASDAQ was up 59 points, about a third of a percent. At the index level, very strong trend. Occasionally kind of goes a little far in the short term. This is kind of telling you that there's a lot of churn under the surface. It's been a very uneven market, rewarding only a handful of companies. CNBC's Mike Santoli. Companies whose shares have hit fresh all-time highs Thursday

include Chipotle, Broadcom, Hewlett-Packard Enterprise, Qualcomm, Oracle, Micron, Lam Research, and NVIDIA. Russian money will be used to fight Russia as President Biden's made some moves with frozen Russian assets while at the G7 meeting in Italy. President Biden and his fellow G7 leaders meeting in Italy this week announced a new agreement to use proceeds from frozen Russian assets in American banks and Western banks to back a $50 billion loan to Ukraine to keep that country in the fight against Russian aggression. CNBC's Eamon Javers. Apple being accused in a lawsuit of underpaying women on the staff. The lawsuit claims more than 12,000 female workers were paid less than men doing the same job.

Would-be homebuyers this weekend have slightly lower mortgage rates on their side after the CPI for May showed inflation coming in lower than expected. That's when we saw a really big drop in mortgage rates. In fact, we got into the 6% range, 6.9% on the 30-year fix. We'd been in the sevens for a long time. That was the lowest level since the end of March. I think you are going to see mortgage rates kind of hang in that high 6%, low 7% range for a while. That six and a half range is where we were seeing at the beginning of this year when we did see home demand really rise and we saw home sales come up and housing

starts come up. So it's got to be kind of in that lower six percent range to really kickstart this market, which has been just dead this spring. CNBC's Diana Olick. Restaurants starting their summer promotions. Subway has buy one, get one free. Footlong subs through Saturday, June 22nd. You have to order through the app or the website. It's a data trade-off. KFC added new honey barbecue sauce nuggets to the menu. 10 pieces, $5.99 for the summer. On Friday's watch list, we get a fresh read on consumer sentiment. The G7 Leaders Summit continues in Italy. A number of CEOs are there. The Euro 2024 soccer tournament begins,

and it's round two of the U.S. Open golf tournament at Pinehurst in North Carolina. Winner walks home with $4 million. Jessica Ettinger, CNBC. The Olympic Games are coming. But first, the best American athletes have to make Team USA. The U.S. Olympic Team Trials on NBC

and Peacock.